The Vietnamese Economy: Achievements and Threats
Vietnam is one of the leaders in the Asian region in terms of economic growth. Vietnam's economy grew by 5.03% in the first quarter compared to the same period in 2021, according to a recent statement from the General Bureau of Statistics.
Vietnam's export turnover for the first quarter of 2022 is estimated at $88.5 billion, up 14% from the same period a year earlier. The largest export market was the United States, which accounted for $25.2 billion in shipments.
Vietnam's retail sales, including service sales, grew by 4.4% in the first three months of 2022 compared to the same period in 2021. This growth shows a recovery from a 33.7% year-on-year drop in August 2021 due to pandemic-related restrictions. At the same time, on March 15, the government of the country decided to open the country to foreign tourists, which is expected to help stimulate economic growth.
A key risk factor for the Vietnamese economy is the sharp rise in material prices provoked by the Russian-Ukrainian conflict. Vietnam's direct trade with Russia and Ukraine, amounting to no more than 1% and 0.1%, respectively. However, the recent surge in global material prices will have a significant impact on Vietnam's manufacturing industry.
Another negative factor for the Vietnamese economy is the continuing rise in gasoline prices.